From Prosperity to Bankruptcy

The Story of Sixteen Seventeen

In a shocking turn of events, the once-thriving candle supply company Sixteen Seventeen, known for its luxury vessels, waxes, and unique fragrance oils, finds itself immersed in the complexities of Chapter 7 bankruptcy. The abrupt closure, initially disguised as a moving sale, now reveals a financial landscape marred by debt, unanswered questions, and the impending liquidation of assets.

Chapter 7 Bankruptcy Filing: Liquidation

On February 5, 2024, Vanessa McGee, the visionary entrepreneur behind Sixteen Seventeen, filed for Chapter 7 bankruptcy, marking a stark departure from what appeared to be a flourishing business. Notably, former CFO Tia was not listed in the filed documents. The case, under the jurisdiction of the Northern District of California, US Bankruptcy Court, paints a grim financial picture.

The breakdown of assets and liabilities reveals a challenging financial landscape. The total property assets are estimated at $150,000, while liabilities are approaching half a million dollars, with approximately $450,000 owed to creditors (refer to the summary of assets and liabilities on page 7 in the attached bankruptcy filing below).

Moving Sale Impact: Analysis of Debts and Inventory

In light of the recent bankruptcy filing by Sixteen Seventeen, the company's transition from a purported moving sale to a potential liquidation event warrants examination. While the sale aimed to reduce inventory, the outcome fell short of expectations, with a significant portion of inventory remaining unsold, over $130,000 worth of candle supplies left untouched. 

The highly coveted candle vessels, such as the Passion Prints and Evermore vessels, were essentially sold out, however $15,000 worth of vessels remain, the bulk of which are comprised of the Sunrise and Sunset tulip-shaped tumblers. Over $42,000 worth of wax blends and approximately $40,000 worth of proprietary fragrance oil blends are now stranded in warehouse inventory.